PPI Reclaiming discussion

[Deleted User]

Hi Martin,

My experience of making a claim against GE Money Consumer Lending Ltd (First National Bank Plc):

COMPLAINT:PAYMENT PROTECTION INSURANCE (PPI) MIS-SELLING.

We did not ask for PPI, we were given it, as part of the guarateed loan offer by First National Bank Plc (now owned by GE MONEY).

I went through all the complaint procedure with GE Money, then contacted the Finanacial Ombudsman Service(FOS) in May 2007.

I received the following answer from FOS on 1st July 2007:

"Thank you for you recent enquiry. The matter you have raised does not appear to be something we are able to look into. However, it is possible that Finance & Leasing Association may be able to help you. I would therefore suggest that you contact them.

Their details are:

Finance & Leasing Association
15-19 Kingsway
London
WC2B 6UN
020 7836 6511

Yours sincerely
Gary Lark
Consumer Consultant"


QUESTION MARTIN!

Is the above correct or the message in your latest newsletter today using FOS for PPI MIS-SELLING correct


Regards DROB91111

sweetchilly

I took a loan from Co-operative Bank over telephone on 2004, I don’t have knowledge of protection, they send me loan details and loan agreement terms, but not insurance policy T&C.

Loan Amount £5000.00
Insurance Premium £1045.22
Total Interest Charge £2024.12 (15.354% APR)

Total Amount payable £8069.34 i.e £168.12 per month for 48 months

I am thinking the total interest charge is included with insurance premium’s interest

On 2005 I have contacted them to cancel the insurance, but they refused and told me that I have to cancel entire loan and re-apply a new loan without insurance, I did the same but they were rejected my new loan application.

Last month again I have contacted them to cancel the insurance, but still the same reply. My balance loan amount is £2300 now, but they refused to give a new loan with same amount and forced me to take higher amount loan £4600, which I don’t want.


Thank you

cidercyclist

DROB91111 wrote: »

QUESTION MARTIN!

Is the above correct or the message in your latest newsletter today using FOS for PPI MIS-SELLING correct


Regards DROB91111

I have just looked at my MBNA Loan Agreement and it clearly states that if you are not satisfied with how they have handled a complaint that you should write to the FOS; doesn't mention anything different for insurance though.

aidanmag

stupid question probably.

Got a loan with ppi. Only just realised i could cancel it!

Question is do i phone up and cancel it immediately, or send off the complaint with it still in place?

cheers
aidan

Burlesque_Babe

just read this through and thought - this could be me. I took out a £5000 loan with Matlock loans (London Personal Loans) in 2004.

I was charged a single premium up front of £600. I paid the loan back early and the loan was 10 years, not the 5 years it seemed to cover.

When I was on the phone to the sales chap he said (I remember the exact words) that I had to take the insurance otherwise he didn't think that the loan would be approved.

Template letter adjusted to my situation and printed and in an envelope. I'll see what happens.

Reallyconfused_3

Reallyconfused wrote: »

Hi,

Regretfully and much to our embarrassment, we took out a 10yr loan with GE Money (First National) in 1998 following a cold call by a salesman. The policy automatically included a lump sum PPI which we didn't know was optional and didn't need. To add insult in only covered a few years of the policy.

So far I have written 2 letters to GE Money without success and made contact with the Ombudsman who was unable to help (due to the policy being over 6years old)

I was referred to the Finance and Leasing Association who wrote to GE Money on my behalf but GE Money still refuse to refund the PPI.

My only option now is to take the matter to court but I too would like to know if my claim would be valid given that the loan (which we are still paying)was taken out in 1998/9

has anyone done this in the past?...are there any "particulars of claim" for the moneyclaim forms?

Another query I have relates to a paragraph that GE Money placed in the most recent letter....

"...as GE Money does not have any contact with the customers at the time they complete the relevant documentation to open an account which is administered by ourselves, any comments relating to verbal statements made at the point of sale or claims of misrepresentation would have to be taken up directly with the supplier."

This is the first I have heard of this in the various correspondence between myself and GE Money, The Financial Ombudsman and the Finance and Leasing Association.

So who would be the Defendant in a claim for a refund of PPI Insurance????

borgbaiter

sj1147 wrote: »

Hi can anyone help

Over the last few years i have had many loans , Now all paid off. I did not keep details of the policies, I do know the company names. How can i track down the policies and see if i had PPi

hi

i believe you can make a data protection act request in the same way as bank charges. send them all the information you have with a £10 cheque (per policy) they should then send you the information you require.

borgbaiter

jaxkesa wrote: »

Hi

I am looking into a possible claim from Egg for the Credit Card Repayment Protector they applied to my Egg Card when I signed up. It was about 6 years ago now but I'm quite sure I didn't choose to accept it and I would have had to opt-out, and indeed did after about 5 years of having the card although they didn't seem to want me to

I have all my statements from the bank charges claim I did a few months back and have just totted up the PPI and it comes to £480! Can I make a claim for this even though I'm not un/self employed etc.?

Thanks

hi

look through the article to see if you have grounds to reclaim. ie you wouldnt be able to get paid ut if youd made a claim.

borgbaiter

borgbaiter

financial_filly wrote: »

Great article - isn't it amazing what these companies can do relying on people lack of knowledge, sadly me included.

I do have a question and apologises in advance as it is a silly question. I took out several store cards years and years ago (all with GE Money) and have only just looked at the statements properly and i have noticed that there is "Account cover @ 150 pence per £100 bal" on it..does this mean that I am paying an insurance as this was never mentioned to me over the years and as I am not working(havent been for 5 years) am I right in thinking this policy is no longer of any use to me and therefore should cancel it straight away and do i have a case for reclaiming ?

I currently have a mothercare and bhs store card although just paid them off this month. Although in the past i have had most stores store card and never even realised that they were adding an account cover, nothing was said when they filled the forms in at the sales desk and they went out of their way to get you to sign up to a store card.

Can anyone advise?
thanks in advance

hi

as you didnt claim your either eligible to a rfund or entittled to make a claim when you became unemployed?


worth sending an enquiry i would think


borgbaiter

funky1471

Hi,

I took out a loan from Halifax about 4 or 5 months ago and on my "pre-contract" information sheet I am shown the following figures. Is this a single premium policy?

Amount of credit (The cash Loan): £5000
Amount of credit (The Insurance Loan): 918.24
Total amount of credit (The total loan): £5,918.24

Duration of the agreement: 56 Months

Total amount you pay for the cash loan: 6461
Total amount you pay for the insurance loan: 1,186
Total amount you pay for the total loan: 7,648

It then has the following statement:

You must pay the total loan, arrangement fee, and interest by 54 monthly repayments starting 3 months after the date on which the total loan is made and then on the same date each month.

Amount of monthly repayments: £141


MY QUESTION IS: Does this class as a single premium policy, as it looks to me as if it is added as a lump sum. Nowhere do they mention the monthly repayment for the insurance alone.

SO....is it single premium policy? If so that should mean I can claim. If I claim since I have not made many payments yet will I actually be able to get any more back , or would I even be able to cancel the PPI completely thus cutting down my total cost of the loan?

Thanks for any help, I know this is a new subject but hopefully somebody has some insight on what constitutes a single premium policy.

I look forward to your responses!